Alcazar Energy has taken a significant stride in the realm of renewable energy by securing the rights to a 118MW wind farm project in Montenegro. This endeavor marks a pivotal partnership between Alcazar Energy, Simes Inženjering, and Sistem MNE, the original greenfield developers of the project. The ambitious initiative, slated for construction at an estimated cost of $200 million, is anticipated to bring forth transformative changes on multiple fronts.
The financial closure of this groundbreaking project is expected in the first quarter of 2025, with construction set to commence shortly thereafter. This milestone venture, known as the Bijela project, aligns seamlessly with Montenegro's 2040 national development strategy. Notably, the project is projected to generate more than 800 jobs during its construction phase.
The allure of the Bijela project has not been confined to its primary stakeholders alone. Several prominent development institutions and commercial banks have expressed their keen interest in collaborating with Alcazar Energy to finance this innovative endeavor. Furthermore, leading wind turbine manufacturers and international as well as local construction companies have turned their attention to this project.
This acquisition of the Bijela project is a significant stepping stone for Alcazar Energy, as it aligns with their broader strategy to create the largest renewable energy platform in the region. The estimated total project investment for this regional initiative is expected to reach approximately $600 million.
Dritan Abazović, Prime Minister of Montenegro, has expressed his anticipation for the realization of this project, particularly in the underdeveloped northern part of the country. Montenegro, with its constitutional commitment to being an ecological country, is poised to embrace green energy as the cornerstone of sustainable development. Prime Minister Abazović extended a warm invitation to foreign investors, affirming the government's commitment to being a reliable and open partner in advancing the future of green energy in Montenegro.
